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Stockmarket News at Midday : African Barrick Gold, Xstrata, Stagecoach Group, The Capital Pub Company

Stockmarket News at Midday : African Barrick Gold, Xstrata, Stagecoach Group, The Capital Pub Company

23/06/2010 by about : Stockmarket Reports - 0 Comments - 371 words

Following the US and Asian markets, the Footsie is down 20.55 points to 5226.43 this morning abetted by poor figures from a number of mining companies. In contrast, investors see yesterday’s budget as being a positive move which has helped Sterling hit a 6 week high of $1.4943.

Newly FTSE100 floated African Barrick Gold and Xstrata are leading the way in the sector. Lloyds Banking Group and Fresnillo are among the biggest risers helping prevent FTSE prices dropping even lower.

Morgan Stanley lowered its price target on mining company Xstrata from 1581p to 1571p and prices suffered as a result but several other mining companies have followed a similar downward trend. With a similar target price reduction for Lonmin, down to 2047p from 2065p, Lonmin has also experienced lower prices this morning.

Stagecoach profits were down year-on-year as expected, however, their results were an improvement on market expectations and this helped them to an early gain today. In the year to 30 April, the rail and coach company posted pre-tax profits of £161.3m which is down from the £196.4 this time last year.

Despite poor nationwide results for pubs and bars, London establishments have faired well recently and this is highlighted in results posted by The Capital Pub Company. Revenue to 27th March rose an impressive 11% from this time last year while adjusted pre-tax profit climbed 32% to nearly £3m.

There was also positive news from lender International Personal Finance. The company that concentrates its lending on Central Europe said that credit quality is good and the total amount of credit issued is growing steadily. Prices increased as a result of this news.


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